240exam2review2010 - CGCC ACCOUNTING 240 EXAM#2 REVIEW CH...

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CGCC ACCOUNTING 240 EXAM #2 REVIEW CH 18,22,23 1. Budgets Purposes of personal budgeting. o See first and second purposes pg 874. To develop a plan to meet a goal, and to allow ongoing comparisons between actual results and the plan. o See 3 rd paragraph pg. 875. For sure an exam question. “Individual who budget successfully typically find that they can purchase those things that they feel they really want to have. In fact, budgeting does not really limit spending. The only real difference between individuals who budget and those who don’t is that those who budget will spend money how, where , and when they want to, and those who do not budget often feel like they never have enough money to purchase those things that they really need .” o Also know characteristics of good personal budgeters pg 875 Know the first, second, and third important Behavioral Considerations pg 876-877. Top-Down vs. Bottom-up 1. 3 advantages of top-down and 4 advantages of bottom-up pg 877 (always an exam question)
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